Russia To Lift Bitcoin Mining Ban With Registration Requirements

According to Odaily, Hashlabs Mining founder Alen Makhmetov announced that Russia will lift its ban on Bitcoin mining starting November 1, but with certain restrictions. All Bitcoin miners will be required to register with the Russian Federal Tax Service and provide a list of their machine models and wallet addresses. This move is part of a broader strategy to regulate and monitor the cryptocurrency mining industry within the country. Digital Mining Solutions founder Nico Smid highlighted that Russia plans to establish Bitcoin mining and artificial intelligence computing facilities within BRICS nations. This initiative could potentially be emulated by other countries, utilizing underused energy resources for Bitcoin mining. In mid-October, during the BRICS Business Forum held in Moscow, Russia's sovereign wealth fund partnered with Russian data center operator BitRiver to develop these facilities for BRICS countries. This project might lead to the use of Bitcoin for global trade settlements among BRICS nations, offering an alternative to a basket of local currencies and gold-backed monetary plans. Three BRICS countries—Argentina, Ethiopia, and the United Arab Emirates—are already leveraging state resources for Bitcoin mining. Makhmetov noted that Russia's Bitcoin mining and AI plans could be part of a broader attempt to gain geopolitical advantage. He emphasized that Russia sees an opportunity to expand its influence due to the limited IT infrastructure in these regions.